Personal insolvency dip in Q1 driven by falling IVAs – Insolvency Service – Mortgage Solutions
Total individual insolvencies fell 8.1% to 31,527 in Q1 this year from an eight year high in Q4 2018 when they stood at 34,287, data showed.
However, personal insolvencies are up 16 per cent year-on-year and Individual Voluntary Arrangements (IVAs) have risen 24 per cent in the same period, according to the latest Insolvency Service statistics.
However, in Q1 2019 there were 20,325 IVAs, a decrease of 11.4% compared to a record high in Q4 2018, recording the highest quarterly level of IVAs since their introduction in 1987.
Debt relief orders (DROs) fell by 1.6% in the first quarter to 7,040 from 7,156 in Q4 2018, whilst bankruptcies dropped slightly this quarter by 0.6% to 4,162 from 4,188 in the previous quarter.